Samsung's portion of Riyadh Metro worth $2bn

South Korean giant part of the FCC-led group building lines 4, 5 and 6

A Samsung representative signs the Letter of Award at the project unveiling ceremony in Riyadh
A Samsung representative signs the Letter of Award at the project unveiling ceremony in Riyadh

South Korean contractor Samsung C&T has said that its share of the $8bn third package of the Riyadh Metro is worth almost $2bn.

In a stockmarket filing, the company confirmed that it had received a letter of award as part of the consortium led by Spain's FCC that secured the deal build lines four, five and six of the Metro.

Other members of the consortium include France's Alstom, Freyssinet Saudi Arabia, Strukton, Typsa and Setec.The consortium is building 25 stations on the three lines and 64.6km of track - 26.6km of which will be underground.

Yeon-Joo Jung, CEO & vice-chairman of Samsung C&T, said: “Samsung C&T looks forward to executing this landmark project to the highest standard, contributing to the development of Riyadh.

 

"This project will require us to work with some of the best in the global construction industry and serve as an opportunity for us to demonstrate that Samsung C&T is one of them.”

The company, which also recently won part of the Major Stations package for Doha's Metro system, said it is currently working on a number of other metro projects in South Korea, Hong Kong, Qatar and India.

Meanwhile, the Saudi Press Agency has announced that the mega-project that will also link to a new bus network for the city, will be named after the Kingdom's founder, the late King Abdulaziz.

 

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